South Carolina

Mag Mile Capital Facilitates $12.1M Loan for Apartment Complex in Columbia

by Amy Works October 17, 2018

COLUMBIA, S.C. — Mag Mile Capital has arranged a $12.1 million bridge loan for St. Andrews Apartments, located at 601 St. Andrews Road in Columbia. The loan features an initial funding of $9.7 million with a 79 percent loan-to-value ratio and a $2.3 million future funding with a three-year initial term and two one-year extension options. Rob Bernstein of Mag Mile originated the deal, while Prabhat Jayara, Ian Carlos and Elizabeth Skrynecka, also of Mag Mile, provided the underwriting and closing services. The borrower, Cohen Investment Group, is utilizing the loan to make capital improvements to the property, increase the net operating income and secure either a CMBS or agency take-out or sale at exit. Constructed in 1974, the two-story property features 224 units in a mix of one-, two- and three-bedroom and townhouse-style layouts, a clubhouse, swimming pool, fire pit, volleyball court and playground.

October 17, 2018

Acquisitions Hospitality South Carolina Southeast

Union Investment Acquires New Dual-Branded Hotel in Historic Charleston

by Amy Works October 12, 2018

CHARLESTON, S.C. — Union Investment has purchased a dual-branded hotel property located on King Street in Charleston’s historic district for an undisclosed price. Opened in 2015, the property includes a modern Hyatt House apartment-style hotel and a Hyatt Place hotel. In total, the two hotels offer 304 rooms. Hyatt House features 113 guest rooms designed for extended-stay guests with a living area and integrated kitchen, while Hyatt Place features 191 rooms and 800 square feet of conference space. Additional on-site amenities include a fitness center, swimming pool, market and a rooftop bar. Regent/BN Charleston Holdings is the vendor of the properties, and the hotels are leased for 30 years to Pyramid Hotel Group, the operator. Germany-based Union Investment is adding the hotel property to the portfolio of its open-ended real estate fund, Unilmmo: Global.

October 12, 2018

Acquisitions Retail South Carolina Southeast

Madison Capital Acquires Kmart-Anchored Retail Asset in Metro Charlotte for $6M

by Amy Works October 12, 2018

ROCK HILL, S.C. — Charlotte, N.C.-based Madison Capital has purchased Kmart Plaza, a retail property located off of Cherry and North Anderson roads in Rock Hill, a suburb of Charlotte in South Carolina. Seritage Growth Properties sold the center for $6 million. The property features 89,298 square feet of retail space. Marc Ozburn and Alex McDonald of Berkeley Capital Advisors represented the seller in the deal.

October 12, 2018

Development Retail South Carolina Southeast

Hutton Completes $60M Shopping Center in Metro Charlotte

by Amy Works October 4, 2018

INDIAN LAND, S.C. — Chattanooga-based Hutton has completed Promenade at Carolina Reserve, a regional shopping center located at the corner of U.S. 521 and Jim Wilson Road in Indian Land, a suburb of Charlotte in South Carolina. The $60 million property spans 258,000 square feet of retail space. Promenade at Carolina Reserve’s tenant roster includes Burlington, Hobby Lobby, Ross Dress for Less, T.J. Maxx, HomeGoods, UltaBeauty, Five Below, Rack Room Shoes, Dollar Tree, Kirkland’s, Hibbett Sports, Petco, Express Oil Change, Starbucks Coffee, Panera Bread, Chili’s Bar & Grill, Verizon Wireless, Jimmy John’s Gourmet Sandwiches, Le Peep, Habit Burger Grill and Heartland Dental. Additionally, an Aldi grocery store is scheduled to open in 2020, and the center has additional outparcels available for ground lease or built-to-suit. The development team, which is led by Hutton’s Brad Combs and includes general contractor Berry Hutton Construction, is hosting a public grand opening ceremony and ribbon-cutting event on Tuesday, Oct. 16.

October 4, 2018

Development Multifamily Seniors Housing South Carolina Southeast

Sunshine Retirement Breaks Ground on Seniors Housing Community in Upstate South Carolina

by Amy Works October 1, 2018

MAULDIN, S.C. — Sunshine Retirement Living has broken ground on Maple Brook Terrace Retirement Community, a 133-unit seniors housing community in Mauldin, a suburb of Greenville in Upstate South Carolina. The three-story community will feature 150,000 square feet of living and communal space nearby to local shopping and entertainment centers. The project is scheduled for completion in late 2019. Based in Bend, Ore., Sunshine Retirement Living manages 21 retirement communities in 10 states, offering senior apartments, independent living, assisted living and memory care.

October 1, 2018

Development Loans Multifamily South Carolina Southeast

SunTrust Provides $36M Construction Financing for New Apartment Community Near Charleston

by Camren Skelton September 27, 2018

SUMMERVILLE, S.C. — SunTrust Commercial Real Estate (CRE) has provided $39 million in construction financing for the development of South City Summerville, a 360-unit apartment community in Summerville, roughly 25 miles northwest of Charleston. Mark Hancock of SunTrust CRE originated the financing on behalf of the project developer, a joint venture between Watkins Real Estate Group and Retail Planning Corp. South City Summerville will be situated on 39 acres and will include a mix of one-, two- and three-bedroom floor plans. The joint venture expects to wrap up construction on the project in June 2020.

September 27, 2018

Acquisitions Office South Carolina Southeast

Norvell Real Estate Negotiates $16.9M Sale of Office Building in North Charleston

by Camren Skelton September 18, 2018

NORTH CHARLESTON, S.C. — Norvell Real Estate Group LLC has arranged the $16.9 million sale of Ashley Center, a 70,000-square-foot office building located at 4401 Belle Oaks Drive in North Charleston. Frank Norvell of Norvell Real Estate arranged the transaction on behalf of the seller, RCF Ashley Center LLC. Norvell also renewed leases with Ingevity South Carolina LLC, which occupies 20,758 square feet, and Aerotek Inc., which occupies 8,834 square feet. Chris Fraser of Avison Young represented the buyer.

September 18, 2018

Development Office South Carolina Southeast

Holder Properties Underway on 120,000 SF Office Building Near Charleston

by Camren Skelton September 10, 2018

MT. PLEASANT, S.C. — Holder Properties is underway on Portside, a 120,000-square-foot office building located within Ferry Wharf, a master-planned development in Mt. Pleasant that includes office, retail, hospitality and residential projects. The development is located at the foot of the Arthur Ravenel Jr. Bridge along the Charleston Harbor. Holder Properties broke ground on Portside in March. The five-story building is approximately 45 percent preleased, including a recently executed lease with Serendipity Labs Coworking. Portside will share a parking deck with a new hotel under construction at Ferry Wharf. The office building will be available for occupancy in spring 2019. McMilan Pazdan Smith Architecture is designing the building, and Freese Johnson is the general contractor.

September 10, 2018

Leasing Activity Office South Carolina Southeast

Serendipity Labs to Open Two Coworking Locations in Charleston Totaling 63,200 SF

by Camren Skelton September 4, 2018

CHARLESTON, S.C. — Serendipity Labs Coworking will open two office coworking locations in Charleston totaling 63,200 square feet. A 30,200-square-foot, corporate-owned location will anchor Holder Properties’ Portside-Ferry Wharf Development at the base of the Mount Pleasant Ravenel Bridge. The second, a 33,000-square-foot franchised location owned by hotel industry veteran Trey Scott, will be part of the Garco Mill mixed-use redevelopment project in North Charleston at 4854 O’Hear St. WECCO Development is developing the project. Both Serendipity Labs locations will feature a Lab Café, event space, wellness rooms, private rooms, studios with full A/V capabilities and complimentary tech support. In addition, the locations will feature art shows from local artists and member-only events. Lee Allen and Michael Berman of JLL represented Serendipity Labs in the lease transactions.

September 4, 2018

Acquisitions Office South Carolina Southeast

Dominion Realty, Blue Vista Capital Acquire Office Park in Columbia for $24.3M

by Camren Skelton August 29, 2018

COLUMBIA, S.C. — Dominion Realty Partners (DRP), in partnership with Blue Vista Capital Management, has acquired Synergy Business Park, a 315,919-square-foot office park in Columbia, for $24.3 million. The new ownership plans to make significant investments in building renovations and capital improvement projects. The four-building property was 78 percent leased at the time of sale. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller.

August 29, 2018

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